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Oil Posts Its Third Weekly Advance as Market Tightens on Outages

  • Output altered at Kazakhstan field; Libyan production lower
  • WTI futures down 0.7% on Friday, trading below $79 a barrel
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Oil rose for a third straight week as demand remained resilient, while supplies are frayed across the OPEC+ coalition and beyond.

West Texas Intermediate crude in New York climbed 5% this week, despite closing down 0.7% on Friday. Kazakhstan’s biggest oil producer has altered output at the giant Tengiz field following protests, while Libyan production has also been crimped. However, restrictions on access to restaurants and gyms from Germany to Hong Kong were a reminder that the omicron variant could still curb demand.